Blockchain wallets linked to the U.S. government transferred more than $288 million worth of bitcoin (BTC) and ether (ETH) to Coinbase Prime on Monday.
According to data from onchain analytics platform Arkham Intelligence, the wallets moved roughly 3,800.5 BTC and 30,007 ETH across multiple transactions.
The batches of bitcoin and ether originated from seized assets — some linked to high-profile cases, including wallets Arkham labeled under the names Ryan Farace and Brian Krewson.
Farace was convicted of selling counterfeit Xanax pills on dark web marketplaces, while Krewson allegedly helped store and launder $54 million in crypto proceeds tied to narcotics trafficking. Some of the moved assets were also tied to the defunct unlicensed exchange BTC-e, which reportedly processed billions in illicit funds before its shutdown in 2017.
Coinbase Prime serves institutional clients with custody, trading, and other crypto services. Although possible, these transfers may not signal an imminent sale. Furthermore, a March 2025 executive order from President Donald Trump directed seized bitcoin into the country’s Strategic Bitcoin Reserve and instructed federal agencies to stop selling seized assets.
